Express boasts liquidity by $140 million

Express Inc. has reached an agreement for additional financing.

The fashion apparel retailer announced a financing deal that will strengthen its liquidity position by an additional $140 million. The agreement, reached with Sycamore Partners, Wells Fargo and Bank of America Merrill Lynch, includes a $90 million term loan during May 2024 and a $50 million delayed draw term loan, which will be repaid after the receipt of a CARES Act tax refund. 

The new financing is in addition to Express’ existing $250 million asset-based loan facility, of which it had previously drawn $165 million.

"We continue to effectively manage our financial liquidity," said CEO Tim Baxter. "I expect this additional capital will support the company through the duration of the pandemic, and allow us to continue the important and transformational work of the EXPRESSway Forward strategy.” 

Express operates more than 500 full-price and outlet stores in the U.S. and Puerto Rico as well as an online store.